BUSINESS NEWS

A leading member of the governing New Patriotic Party (NPP), Gabby Otchere Darko has said in principle, he is not against the International Monetary Fund (IMF) programme. He explained that he is not for an IMF programme that gives the country peanuts but imposes conditions that will end up hurting …

An Aviation Expert based in the United States, Mr Sean Mendis, has said that Ghana’s presidential jet, the Falcon, is not the ideal jet for long journeys. He said it may embark on such journeys however, that will require a higher technical support and also with less luggage and passengers …

Former Finance Minister, Dr Kwabena Duffuor has said the country is in a more perilous debt situation today than at any time between 2009–2016. In a statement backed with figures, Dr Duffuor noted that the country’s total debt stock of GH¢351.8 billion as at end-2021, GH¢112.5 billion, representing 32%, was …

The Tema Oil Refinery (TOR) has begun processes to refine crude oil in the country. This follows a lease agreement with a private investor, Decimal Capital Limited, a leading Kenya-based oil investor. Decimal Capital Ltd is a private limited liability company offering financial solutions to wide variety of individuals and …

Britain’s Financial Conduct Authority (FCA) has fined Ghana International Bank (GHIB) 5.8 million pounds ($7.1 million) for failings in its anti-money laundering controls. The FCA said the bank provided correspondent banking services to other lenders, allowing them to provide products and payment services they would otherwise be unable to provide. …

The Finance Minister has revealed that the government spent GH¢143 million on the provision of free water and electricity for lifeline consumers during the Covid-19 pandemic. Ken Ofori-Atta said that even though GH¢200 million was budgeted for the policy, not all was expended. He disclosed this while delivering his statement …

Ghana faces a looming fuel shortage as the central bank rations dollars after oil prices surged following Russia’s invasion of Ukraine. The monthly fuel import bill for the West African nation jumped to $450 million in May, from $250 million in January, according to two people with knowledge of the …

Government has withdrawn the Tax Exemptions Bill from Parliament. Even though no official reason was given on the floor for the withdrawal, the  sources indicate that the withdrawal is to make way for corrections and amendments to the bill. After years of advocacy and pressure from civil society organizations and …

A private legal practitioner, Kwame Jantuah,  has suggested to the government to reintroduce the “operation feed yourself” concept to help alleviate the plight of Ghanaians. “Operation feed yourself” was an agricultural programme administered in Ghana under the late military general and head-of-state Ignatius Kutu Acheampong. The national programme sought to …

The Country Director of CUTS International, Appiah Adomako, says Parliament must invite the Minister of Finance, Ken Ofori-Atta, to render accounts on monies that have accrued to the country from the various taxes imposed on petroleum products.   He said that will ensure accountability with regard to the many taxes …